This presentation contains certain forward-looking statements regarding INV Metals Inc. (“INV Metals”) . Forward-looking statements contained in this presentation include, but are not limited to, statements with respect to the results of the Feasibility Study (the “FS”), gold price and exchange rate assumptions, cash flow forecasts, projected capital and operating costs, metal or mineral recoveries, mine life and production rates; INV Metal's potential plans and operating performance; the estimation of the tonnage, grades and content of deposits, and the extent of the resource and reserves estimates; potential production from and viability of INV Metal's properties; estimates of future production and operating costs; estimates of permitting submissions and timing; the timing and receipt of necessary permits and project approvals for future operations; access to project funding, exploration results, and expected filing of the technical report (the “Technical Report”) that summarizes the FS. These statements are based on information currently available to INV Metals and INV Metals provides no assurance that actual results will meet management’s expectations. In certain cases, forward-looking statements may be identified by such terms as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “shall”, “will”, or “would” . Forward- looking statements contained in this presentation are based on certain factors and assumptions made by management and qualified persons in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances. The forward-looking statements are also based on metal price assumptions, exchange rate assumptions, cash flow forecasts, and other assumptions used in the FS. While INV Metals considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of INV Metals to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to grade or recovery rates, reliance on key personnel, operational risks, regulatory, capitalization and liquidity risks. For a more detailed discussion of such risks and other factors, refer to INV Metals’ annual information form (the “AIF”) and other regulatory filings filed with Canadian securities regulators available on SEDAR (including the Technical Report once it is filed on SEDAR). Except as required by law, INV Metals does not assume any obligation to release publicly any revisions to forward-looking statements contained in this presentation to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The scientific and technical information contained in this presentation has been reviewed and approved by Bill Shaver, P.Eng., COO, INV Metals and a Qualified Person under National Instrument 43-101. For readers to fully understand the information in this presentation, they should review the Technical Report in its entirety when it is available on SEDAR, including all of the qualifications, assumptions and exclusions that relate to the information to be set out in the Technical Report, which qualify the technical information contained in the Technical Report. The Technical Report is intended to be read as a whole, and sections should not be reviewed or relied upon out of context. The Technical Report also describes the Mineral Resource and Mineral Reserve estimation methodologies and the assumptions used, and to which those estimates are subject. As noted above, the AIF includes details of certain risk factors that could materially affect the potential development of the Mineral Resources and Mineral Reserves and should be considered carefully. “Adjusted Operating Costs”, “All -in Sustaining Costs”, “All -in Costs” and “Total Operating Costs per Tonne” are non-International Financial Reporting Standards (“IFRS”) Performance Measures. These performance measures are included because these statistics are key performance measures that management uses to monitor performance. Management uses these statistics to assess how the Loma Larga Project ranks against its peer projects and to assess the overall effectiveness and efficiency of the contemplated mining operations. These performance measures do not have a meaning within IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS. All references to currencies herein, unless otherwise noted, are to U.S. dollars. - 2 - INV-TSX
Developing Ecuador’s Next Large -Scale Gold Mine Loma Larga is on track to Development ▪ Profitable and economic Feasibility Study ▪ Simple mine and process design ▪ Permitting and financing in 2019 ▪ Construction commencing 2020 for ~18 months ▪ Goal of production in H2 2021 Supportive government and advantageous tax regimes in Ecuador Proven mine building/financing team Great exploration potential Loma Larga – discovery to the west, deposit remains open ▪ ▪ 4 regional concessions – encouraging initial results ▪ Tierras Coloradas – high grade rock chip samples include up to 240 g/t gold in surface veins Opportunity for investors – Undervalued at 0.08x NAV - 3 - INV-TSX
Lenin Moreno, In Ecuador we promote the development of responsible mining President of with nature, environmentally sustainable, economically profitable Ecuador and socially just. Mar/2018 With the elimination of the windfall tax we want to send a clear message to the mining sector to expand investment options in Richard Martinez , the country. Minister of Finance and Economy May/2018 Mining has a larger value chain than oil, there are a number of activities that are added to mining and the companies that are in the country are working in a responsible way. Carlos Perez, We are developing a mining policy needed by the country. Our Minister of Energy commitment is to develop a responsible and sustainable mining. and Non-Renewable We are working in the consolidation of the mining industry in Resources Ecuador with the objective of it being the second item in non-oil Oct/2018 exports, with a contribution of 4% of GDP to 2021. Fernando Ecuador seeks to attract direct mining investment with top-level Benalcazar , Vice- companies that respect the current law and apply the best Minister of Mines standards in the industry, socially and environmentally Oct/2018 responsible. INV-TSX - 4 -
The most important thing for me would be for CHUMBLIN the company to move to the next phase so Thanks to INV Metals I have valued myself that we can have the support and benefits not as a woman. I value the products that we only with the works being done but also with create which are native to our parish the labour for our people. Digna Chillogallo, Chumblin Miguel Chapa, President of the Parish of Chumblin SAN INV Metals supports us in de-worming Change is evident, the quality of life of our GERARDO cattle, pigs, castration of guinea pigs. They people has improved thanks to the magnitude provide a quality service and thanks to of the project Loma Larga them our community shows progress. Victor Barreto, President of the Parish of Noemi Zhurzhingo, San Gerardo San Gerardo The exploiting will be underground and not Thanks to INV Metals and their community open pit mining as some national leaders programs, I have participated in the guinea have said, so this makes it safe for us to say pig project, compost-yard projects, also this is responsible mining that will protect our making homemade shampoo and soap water resources and will bring us benefits in projects and nutrition classes. the future. Marujita Torres, Victoria del Portete Patricio Novillo, President of the Parish of VICTORIA DEL Victoria PORTETE INV has given me the experience of working I am thankful to INV Metals because through in two senior community groups where we their technical and human teams that are produce crafts by getting support in training very close to the people and have given us a and techniques. I thank INV for all their re-activation in human, economic and support not only in Giron but everywhere. GIRON cultural areas. Cesar Carchi, Giron Jose Miguel Uzhca, Mayor of Giron INV-TSX - 5 -
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